This week in earnings:

$TSLA Tesla CEO Elon Musk: "Grokbot... has been very popular and is growing about 100% a month. So, it's growing very rapidly."

$BX Blackstone COO Jon Gray: The current AI buildout differs from past infrastructure bubbles because demand is already ahead of supply. “Back then they were building supply on a highly leveraged basis ahead of the demand, very similar to what we saw with telecom infrastructure. They were anticipating what's to come. And of course, it didn't turn out well. Today we're seeing something much different. The demand is running well ahead of supply. Much of what is contracted, be it the energy or the data centers, is with companies who are very lowly leveraged as well. It doesn't mean there aren't going to be things that go poorly, but I think it is a different dynamic. We're going to continue to keep our eyes on this as we're deploying your capital

$MS Morgan Stanley Co-President Dan Simkowitz: "I sat in the same spot in our conference in March. I interviewed Jensen, and I presented him the tombstone from the original deal. Again, NVIDIA, $47 million IPO for Morgan Stanley. Mind-boggling in that context."

All eyes on Micron next week in earnings:

$GOOG $GOOGL SVP: Gemini token usage is up 7x YoY, while Gemini has reached 1B monthly users “Token usage has gone up 7x year over year...Gemini grew to one billion monthly users, the fastest one-billion-user product in Google's history...Google Search has one billion people every month using AI mode. These are unbelievable numbers"

$NDAQ Nasdaq CFO Sarah Youngwood: “We have had the best half year we have ever had with $111 billion raised. Of course, that includes $86 billion with SpaceX. But that really tells you that the market is looking for scaled, mature opportunities, but there is also a broad array of what is in the pipeline.”

$ABNB Airbnb CEO Brian Chesky: Gen Z represents 50% of first-time bookers “We have the -- our first-time bookers are the fastest, they've been in 4 years and 50% are Gen Z. So we're the brand, the new generation. The great thing about young people is more of them every year. So it's kind of a good trend to have on your side."

Druckenmiller: Invest then investigate

$JPM JPMorgan Chase CIB CEO: “There is a big step change in borrowing related to funding the AI super cycle. The message I would leave you with there is we're maintaining our underwriting discipline. We're being very selective on transactions. We're making sure our portfolio remains granular with exposure limits to frontier model companies, the hyperscalers."

$AXP American Express CFO: Gen Z lifetime value is estimated at ~2x that of a 40–45-year-old Gen X Platinum customer. “We measured actually the lifetime value of those card members. And it's about 2x the lifetime value of a 40- or 45-year-old like a Gen X Platinum Card.”